Opening
Executive Summary
220M+
Nigerian population
Median age 18
$500M
Enron Lagos IPP, 1999
Voided. No power produced.
June 2023
Electricity Act signed
States gain constitutional authority
100MW+
JCM track record in SSA
Salima + Golomoti, Malawi
The recommendation
JCM Power should enter Nigeria through Lagos State, with utility-scale solar paired with battery storage, structured as a joint venture and financed through a blended capital stack. The vehicle is a Nigerian Special Purpose Vehicle (SPV) majority-owned by JCM, with an industrial co-investor providing local market access and a minority equity slice held by FinDev Canada (FinDev Canada) and Export Development Canada (EDC).
The plant sells to commercial and industrial customers under direct Power Purchase Agreement (PPA)s, with a secondary feed-in to the Lagos State Electricity Regulatory Commission (LASERC)-regulated state grid. It does not depend on the national transmission network for revenue. Construction starts in Q3 2027, first power in Q4 2028.
Why this time is different
Two prior attempts at utility-scale power generation for Nigeria, Enron in 1999 and JCM's own Katsina project from 2014 to 2022, failed for the same three structural reasons: federal-only authority, federal-monopoly counterparty risk, and dollar-naira mismatch. The Electricity Act 2023 directly removes the first cause. JCM's entry design must remove the other two. This deck explains how.